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Procurement processes aim for economic efficiency through competitive market conditions and accurate information exchange.
Economic efficiency in procurement processes occurs when there are competitive markets with accurate information exchange and mobile resources. Property rights for both producers and consumers are crucial for a smoothly functioning market.
One of the key aspects of an effective procurement method is ensuring the Right Quality, Right Quantity, and the Right Counterpart, but not necessarily the Right profit.
Procurement competence involves understanding what is purchased, assessing prices and quality, and ensuring continued delivery that meets the organization's needs and resources.
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